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Unionmet's rights: poser over irrevocable undertaking

Singapore

MARKET watchers were puzzled yesterday after Unionmet, a Chinese maker and supplier of indium, released the results of its recent rights issue in which there was no mention or sign of an irrevocable undertaking given earlier by a substantial shareholder.

"It's very odd that the company says a substantial shareholder has backed the issue and then a month later - nothing," said a dealer. "It looks very much like the shareholder did not take up its allotment."

Unionmet first proposed its one-for-two...

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